Eleven Euro zone member states agreed in early October to press ahead with implementing a new FTT. While the precise details of the tax have yet to be agreed upon it is likely that share and bond transactions will be taxed at 0.1% while derivatives will be taxed at a lower rate, likely to be 0.01%. The Irish Government through the Minister for Finance has indicated that it would not be implementing the proposed FTT. The Irish Government’s position as indicated earlier in the summer is that a FTT, in whatever final form it might take, should apply on a wide international basis to include the major financial centres and certainly on an EU wide basis rather than only in the Euro zone if a distortion of activity within the EU is to be prevented.